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Security Type
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Crowd Note
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Categories
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Financial Services
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Min Investment
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$1,000
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Offering Date
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August 07, 2018
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Expected Close Date
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November 05, 2018
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Target Raise
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$350.00K-$550.00K
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Deal Notes
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- Security Type: Crowd Note
- Conversion discount: 20.0%
- Valuation Cap: US $3,000,000
- Interest rate: 6.0%
- Note term: 24 months
- Minimum investment: US $1,000
- Target Minimum: US $350,000
Company Description
Cloosiv makes mobile payment easy and affordable for local merchants. Businesses can provide their customers with an in-store mobile payment option, without the traditional cost to build their own branded solution. Similarly, consumers only need to download a single app to pay for goods and services in their community, instead of downloading a new app for each merchant they frequent.
Perks
$5,000-$10,000: receive a Cloosiv phone case and sticker!
$10,000-$15,000: receive a Cloosiv mug, phone case and sticker!
$15,000-$30,000: receive a Cloosiv branded t-shirt, mug, phone case and sticker!
$30,000+: receive a Cloosiv branded t-shirt, mug, phone case, sticker + personalized progress updates, and a direct line of communication with company management, in order to provide insight into key decisions and product design.
Key Deal Facts
Product integration and marketing partnership with Square
Accepted in Oracle Scaleup Accelerator; VentureOut Retail Innovation Accelerator; NRF Big Show Startup; and Money20/20 Startup Academy
Processed over 3,000 transactions in less than 6 months; 2.75K unique users
40+ live locations in North Carolina, South Carolina, Georgia, Florida, Missouri and Texas
Use of Proceeds
- 43% Development
- 43% Sales
- 12% Marketing
- 2% General Expenses
Management Team / Advisory Board Bios
Tim Griffin
CEO
Tim spent six years as a management consultant prior to launching Cloosiv. He began his career exclusively supporting Fortune 500 retail organizations with the development and implementation of point-of-sale strategies that would deliver mobile channel sales growth. In addition to his experience designing point-of-sale architecture, Tim brings significant domain expertise in the field of behavioral psychology, with an emphasis on gamification and technology adoption. He has successfully led the design and implementation of new technology and workflow processes, in support of large-scale transformations across Fortune 100 retail and financial services organizations.
James Burkhardt
Chief Product Officer
James has over six years of mobile and web development experience, primarily supporting the product development efforts for organizations like The Walt Disney Co., Oracle, Bonnaroo Music Festival, and more. Additionally, he has specific domain expertise developing mobile payment solutions that integrate into legacy point-of-sale systems, the primary skillset required to deploy and scale the Cloosiv product.
Deal Notes
- Security Type: Crowd Note
- Conversion discount: 20.0%
- Valuation Cap: US $3,000,000
- Interest rate: 6.0%
- Note term: 24 months
- Minimum investment: US $1,000
- Target Minimum: US $350,000
Reveal the Score by Voting
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Additional ratings from other users are needed to determine a viable CrowdScore for this deal.
The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
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The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
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The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
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The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
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The value of the company compared to similar companies raising money from investors.
Valuation
Security Description
A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.
